Bill Gates to Launch Multibillion-Dollar Clean Energy Initiative

Published November 29, 2015•Updated on November 29, 2015 at 6:21 am

File--AP

Microsoft co-founder Bill Gates will launch a multibillion-dollar clean energy research and development initiative with heads of state on Monday, the opening day of the U.N. climate change summit in Paris, the French government said Friday.

Gates and a group of developing and developed countries will launch the Clean Tech Initiative, in which countries will commit to doubling their clean energy technology research and development budgets by 2020 and private investors will boost their own investments in the sector, NBC News reported.

Access to clean energy technology will play a key role in a global agreement to combat climate change. More than 190 countries will negotiate a new pact in Paris from Nov. 30 to Dec. 11 at the 21st U.N. Conference of the Parties summit. France, the United States, India, South Korea, Indonesia, Saudi Arabia, Australia, Canada and Norway have said they will join, a source close to the conference presidency told Reuters.

Gates will join Indian Prime Minister Narendra Modi, U.S. President Barack Obama and French President Francois Hollande to announce the initiative on the opening day of the two-week summit, according to an agenda released Friday.